SOCI 1010 Lecture 2: Work and Economy
Document Summary
Economy: is the social institution that ensures the maintenance of society through the production, distribution and consumption of good and services. Goods are tangible and objects that are necessary or desired. Services are intangible activities for which ppl are willing to pay (such as cleaning, movie, medical care) Primary sector production: the extraction of raw materials and natural resources from the environment . Show a progression from work by family members to the use of some ppl to fulfill specialized tasks. Industrialization dramatically changed the system of production and the distribution of goods and services. Secondary sector production: the processing of raw materials into finished goods. Manufacturing has steadily declined in importance as technology (such as robots) has replaced workers and as production has shifted offshore to low-wage countries. Post-industrial economy which is based on the provision of services rather than goods. The service includes activities such as fast-food, transportation, communication, health care, education, legal services, advertising, sports, and entertainment.
